Renting out your car.... Official MoneySavingExpert discussion

Seems a good idea, would be interested to hear from anyone who is signed up for it.

Obvious worry is what happens if someone does a runner with your car, or is involved in an accident. How does their insurance work for a car that is already insured?

The site says their insurance supersedes your own insurance. I guess it would have to though as your own insurance wouldn't cover you for hiring your car out. Strictly speaking, if you took your mates to the airport because they offered you the petrol money plus a bit for your trouble, you basically void your insurance if you have an accident on the way there (and probably some licencing law too - carrying fare paying passengers).

I do wonder about the insurance though, who pays for it? It's free to list your car and free to list as a driver.

Aaah having typed that, it seems they operate a fine system for not being there to hand over vehicle/pick up keys or return vehicle/collect keys so either party can be fined at both ends of the booking if either are late arriving at pick up/drop off point. (Rules me out then I'm always late for everything!) They also take 15% plus VAT from the actual booking from the car owner.

Getting to the interesting bit now:

"Drivers pay the owner's list price including insurance plus a small transaction fee."

Drivers excess is £250 but they can buy an Excess Waiver policy to make that £0. (Hmmm I wonder how much that would cost).

I couldn't offer my car anyway as it's too old (older than 8 years)! Might give it a try if my next car is new enough.

Poo

Regsitered my car but once logged out there's no facility to log back in without clicking site map.also as car owner they seek credit card info and whilst site says no payments will be taken their system keeps declining the card..t+c's says they try to hold £100,spoke with a guy and he says don't know why system does that but the £100 is kept on hold which i cannot understand if no payment is taken.

What's the tax position with renting out your car? Do you have to declare it as "income" on a tax return?

I am definately interested in this. I am a student and can't afford to run my 2001 Renault Megane Cabriolet. I was going to list it on Ebay this week and would stand to get £2,500ish. I could rent it out for £31 a day. I am toying with this idea. But I would imagine that potential drivers of my car would not treat it with the same care and respect as I do. They could clock up the mileage and thrape the engine. I would have to pay tax to get the car back on the road again. I am beginning to talk myself out of the idea now. I think perhaps £2,500 is a better option.